+ $12.00 NMLS Credit Banking Fee
|Purpose:||Provides both CalBRE (real estate) and NMLS (mortgage) license renewal credits|
|Features:||online text, online video, printable certificate, PDF eBook|
|Category:||Mortgage > Continuing Education > California > Consumer Protection / CE Comprehensive|
7405 SW Beveland Rd,
Portland, OR 97223
Provides both CalBRE (real estate) and NMLS (mortgage) license renewal credits
CalBRE Sponsor Number: 4056
NMLS Course ID: 6878
NMLS Sponsor ID: 1400327
This course will instruct mortgage loan originators on a number of regulations that they will have to comply with while taking part in their mortgage loan origination activities. Rules, such as those implemented by the Dodd-Frank Wall Street Reform and Consumer Protection Act, are set in place to protect the interest and well-being of consumers who apply for mortgages to purchase or refinance their properties. To ensure that their business practices satisfy the regulations adopted by federal laws, mortgage loan originators need to keep current on the guidelines published by entities such as the Consumer Financial Protection Bureau (CFPB).
The first module of this course will outline the various federal fair housing laws that mortgage professionals must comply with. Specifically, this section of the course will go over the prohibited practices outlined in the federal Fair Housing Act, and the rules for the extension of credit provided by the Equal Credit Opportunity Act (ECOA). This module will also go over several fair housing violation case studies and the punishment issued against each offender.
The second module of this course reviews the kickback and fee arrangements that are prohibited by Section 8 of the Real Estate Settlement Procedures Act (RESPA). As the regulatory agency overseeing the rules of section 8, the CFPB is on the lookout for arrangements that violate RESPA's definition of “things of value” that might influence an individual or company to the detriment of the consumer. This chapter will continue with a reminder of the antidiscrimination regulations that loan originators are required to comply with when taking applications as well as a list of common law violations that the CFPB discovers during its examination of covered institutions.
The third module covers unique mortgage product solutions for unique customers. We'll cover several non-traditional mortgages such as the reverse mortgage, the Good Neighbor Next Door program, the Teacher Next Door grant program, the extended-into-2017 HARP, and several low down payment programs meant to help consumers.
The last module illustrates the rules regarding loan origination compensation, covering what is and is not considered compensation. The Truth in Lending Act, Regulation Z, 12 CFR 1026.36, outlines the definitions of compensation and the types of services that can result in earned payment to an MLO.
If you are licensed as a mortgage loan originator through the California Department of Business Oversight (DBO), you are required to take a 1 hour DBO-specific course to renew your MLO license. This course does NOT meet the DBO-specific requirement.
This course consists of four primary sections:
Ethics and Fair Housing (2 Hours Ethics)
RESPA Section 8 and Fair Lending (3 Hours Federal Law)
Non-Traditional Mortgages – Unique Solutions for Unique Customers (2 Hours Non-Traditional Mortgage)
Loan Originator Compensation (1 Hour Elective)
Total study time: 8 hours
Study Time: 2 clock hours
The purpose of this module is to emphasize the importance of discrimination protections in the lending industry. The section will begin with a brief overview of the federal laws, and then go into depth with the Fair Housing Act and the Equal Credit Opportunity Act (ECOA). As discrimination is harmful to the mortgage industry, this section will summaries several cases of discrimination that occurred throughout the lending trade.
Study Time: 3 clock hours
Arrangements where loan originators receive or give things of value to other providers or affiliates is a clear violation of section 8 of the Real Estate Settlement Procedures Act. As recent law cases confirm, title companies, brokers, loan originators, and other parties involved with residential mortgage lending are still violating this provision. This section of the course will remind students what meets the definition of a thing of value and how to look out for RESPA violations that may negatively impact their business.
The second portion of this module outlines the Truth in Lending Act antidiscrimination rules and how disparate treatment and disparate impact affect how consumers are treated. We'll also cover the CFPB supervisory highlights of last year, covering the various regulations and rules that the agency determined were not being complied with by lenders and others in the mortgage loan industry.
Study Time: 2 clock hours
Since some loan applicants may not qualify for conventional financing, or might be better suited for a different type of loan, being knowledgeable about a variety of programs will benefit both the mortgage loan originator and the consumer. This section will break down several types of specialty loan programs that may work better for the applicant's financial situation than a standard 30-year conventional loan.
Study Time: 1 clock hours
When determining how much compensation to receive for helping loan applicants, there are strict rules in place that determine the services that can be compensated. This section of the course will review what actions can be considered compensable and what actions cannot be calculated to pay compensation to the loan originator.
You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.
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To provide superior distance education that exceeds industry standards and expectations in course content and delivery methods to those who seek to enter a new profession and those engaged in a profession.